Match Each Definition with the Correct Term Below

question 106

Short Answer

Match each definition with the correct term below.

-Generally Accepted Accounting Principles
A.The group of people who are responsible for ensuring that a company meets its goals of profitability and liquidity.
B.A unit of ownership in a corporation.
C.The inflows and outflows of cash into and out of a business.
D.An information system that measures,processes,and communicates financial information about an economic entity.
E.A set of practices that has been developed to provide guidelines for financial accounting.
F.The value of one currency in terms of another.
G.The government body that regulates the issuing,buying,and selling of stocks in the United States.
H.The ability to earn enough income to attract and hold investment capital.
I.The oversight of a corporation's management and ethics by its board of directors.
J.The accumulated earnings generated by a business's income-producing activities less amounts that have been paid out to the stockholder's.
k.KEconomic events that affect a business's financial position.
L.An examination of a company's financial statements and the accounting systems,controls,and records that produced them.

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Definitions:

Manufacturing Overheads

All indirect costs associated with the production process, including utilities, maintenance, and factory management salaries.

Period Costs

Expenses that are not directly tied to production activities, often including selling, general, and administrative expenses.

Total Manufacturing Costs

The sum of all costs directly involved in producing goods, including materials, labor, and overhead.

Work in Process

Inventory in various stages of production but not yet completed, representing the costs of materials, labor, and overhead invested in unfinished goods.